IMR Metallurgical Resources -AG plans to set up a steel plant in YSR Kadapa district of Andhra Pradesh with an investment of over Rs120,000mn, according to the local media.
The plant is to be built at a location with accessibility to Krishnapatnam port, railways and highways for ease of transportation.
The proposed plant will have an annual production capacity of 10mn mt and the Indian government has agreed to provide all the basic infrastructural facilities to promote industrialisation in the district.
Earlier, chief minister Y.S Jagan Mohan Reddy laid the foundation stone for this steel plant with an assured annual capacity of 3mn mt on Dec 23, 2019. But subsequently, the proposed annual capacity of the plant was increased to 10mn mt.
State-owned National Mineral Development Corporation (NMDC) will supply iron ore to this steel plant, as agreed in a meeting between Dharmendra Pradhan, the Union Minister of Steel and Chief Minister YS Jagan Mohan Reddy in Velgapudi.